Sources: Shanghai-based Anew Labs, a ByteDance spinoff using AI for drug discovery, raised $290M from HSG, IDG Capital, and others at a $1.5B valuation (Kane Wu/Reuters)

Shanghai-based Anew Labs, a company that uses artificial intelligence for drug discovery, has raised $290 million in funding. The company is a spinoff of ByteDance, the parent company of several popular social media platforms.

The funding round was led by investors including HSG, formerly known as Sequoia China, IDG Capital, and Hillhouse Investment. Other investors that participated in the round include 5Y Capital, Gaorong Ventures, Primavera Venture Partners, Boyu Capital, SBP Group, and the Shanghai Future Industries Fund, according to Straits Times Business.

The funding values Anew Labs at $1.5 billion. ByteDance will maintain a 56 per cent stake in the company after the fundraising, with the spinoff intended to support Anew Labs' long-term development.

Brief written by urgent.news from Techmeme, Straits Times Business — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.